Has anyone actually run the numbers on how much more you end up paying for those extra months? I keep thinking the stress savings could be worth it, but maybe I’m underestimating the cost.
I did a quick spreadsheet when we were debating between 12 and 18 months last year. Honestly, the extra interest wasn’t pocket change—if you’re borrowing a decent chunk, those extra six months can add up to a few grand, especially if your lender’s rates aren’t great. But I get what you mean about stress. Our build hit a bunch of delays (weather, supply chain...you name it), and we ended up scrambling at the end because we’d gone with a shorter term to save money. In hindsight, I might’ve paid for the longer term just to avoid all that last-minute panic.
As for extensions, ours technically allowed it but made it sound like pulling teeth—extra fees, paperwork, and they re-evaluated our whole file. Not exactly “peace of mind.” If you think your project’s gonna drag out, I’d say budget for longer upfront or at least read the fine print on extensions. Some lenders are way more flexible than others.
I hear you on the spreadsheet math. When we built our place, I thought I was being clever by locking in a 12-month loan—figured we’d be done in 10, save a little on interest, and pat myself on the back. Well, framing took longer ’cause of rain, then the windows were delayed... next thing you know, we’re sweating bullets at month 11. Ended up paying for an extension anyway, and it wasn’t cheap—plus the stress nearly did me in.
If I had to do it again, I’d probably just go with the 18 months from the start. The extra interest stings a bit, but compared to what we paid in fees (and the gray hairs), it would’ve been worth it. Some folks get lucky with smooth builds, but if there’s one thing I’ve learned: nothing ever goes exactly as planned. If your lender’s flexible on extensions and doesn’t gouge you, maybe it’s less of a gamble... but most seem to make you jump through hoops.
Bottom line—sometimes peace of mind is worth a few extra bucks.
- Seen this play out more than once. Even with the best planning, weather or supply hiccups can wreck a schedule.
- I usually recommend clients add at least 3-6 months buffer to whatever timeline sounds “reasonable.”
- The extra interest upfront is almost always cheaper than extension fees and stress down the line.
- Lenders rarely make extensions painless, either... they know they’ve got you over a barrel at that point.
- Honestly, unless you’re building a tiny place or have a unicorn contractor, 12 months is tight. 18 is way safer.
Honestly, I’ve watched even the most meticulous clients get sideswiped by delays that nobody predicted—one time it was a backordered tile from Italy that held up a whole kitchen. Your point about lenders knowing they’ve got leverage during extensions is spot on. I do wonder if sometimes folks overestimate how fast things can move, especially when the design side gets more complex. Eighteen months feels much more realistic, especially for anything with custom finishes or tricky site conditions.
Eighteen months is honestly the sweet spot in my experience, especially once you factor in weather, permitting hiccups, or, yeah, that infamous Italian tile. Had a project where a single custom window delayed us three months—never underestimate the power of one missing part to throw off the whole timeline. Folks always think it’ll move faster, but the domino effect is real.
